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no heloc/aloc for me

Submitted by Julie Rains on June 8, 2007 - 03:33.

In my scenario (Julie's way), I don't take out a HELOC/ALOC -- all the money goes directly to the mortgage payoff. In the Other Way (MMA), the ALOC interest charges are discussed for a couple of months but are dismissed as insignificant and part of the Interest Cancellation account. I would be very curious to see what the line of credit balance is at the end of the mortgage payoff because yes, you can take out Loan B (ALOC) to pay off another Loan A (primary mortgage) but and you are creating additional interest charges.

As I mentioned in the post, I am not advocating the speedy payoff just comparing the two methods.

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